A private limited company has two directors - husband and wife. directors children are going to school. Company pays the tuition fees of the children directly to the school and shows it as Education Allowance to one of the Director - Lady Director.

Now since the tuition fees is around Rs 350000/-, can both of the directors claim Rs 1.50 Lacs as rebate u/s 80C or only that director can claim who is receiving it as Education Allowance in her hand?

Sir,
I want to calculate capital gain on redeemption of equity oriented mutual fund.Its holding period is 14 months.
Whether it will exempt from tax

Sir,
For calculating taxation on mutual fund ,indexation required to do or not. Sir, For identifying short term /long-term capital gain on mutual fund.Sir we have to consider 36 months or 12 months . Plz advise .

I sold a property in September 2018 which was jointly held between me and my brother. Both of our share was 50% each. Just wanted to understand if all the details (sale price, cost of acquisition with indexation, cost of improvement with indexation, etc) to be filled in ITR 2 should be divided by 2.
For eg:
Sale price of property =24,00,000
Total Cost of acquisition with indexation: 17,00,000
Total capital gain: 7,00,000

In this deal my capital gain is only 3,50,000. However if I enter full value in LTCG section of ITR2, then my capital gain becomes double.

Should I only show my share of the deal as below:
sale price of property =12,00,000
Total Cost of acquisition with indexation: 8,50,000
Total capital gain: 3,50,000

Please advice

Recently I read in the news that the government is trying to catch hold of NRIs. Their rules will be more strict.

I know if you are more than 182 days outside india, then you can be considererd as NRI.

But recently found this rule on cleartax:

You are considered an Indian resident for a financial year:
i. When you are in India for at least 6 months (182 days to be exact) during the financial year
ii. You are in India for 2 months (60 days) for the year in the previous year and have lived for one whole year (365 days) in the last four years


Based on the 2nd rule, i have lived for 1 year in last 4 years, as i have been out only for 2 years.

So whether i will be a resident of India ?

My father had invested Rs.5,00,000/- in Kisan Vikas Patra on 06/12/2017 how i came to know or calculate interest accured on KVC on 31.03.2019 for filing interest return. Post office not providing Interest amount

I want to prepare Capital A/c of sole proprietor. Kindly tell all possible content of Debit side and Credit Side of Capital A/c of Sole Proprietor. Can i add interest credited on saving or current bank account to credit side of Capital A/c? Also please tell if i Debit following items to Debit side of Capital A/c: Premium on Insurance, Tution Fee, Mutual Fund, PPF etc.? Thanks in advance.

I purchased an under - construction flat with bank loan last year July 2018. The flat is just complete by May 2019, still vacant and not yet rented till now.
In the income tax return for FY 2018-19 (AY 2019-20), I have indicated the flat as "Deemed let-out" property and specified the interest amount paid for the loan during the FY also.
In this case, if I specify gross rent letable, it affecting the "Income chargeable under the head House Property". In fact, the flat has not at all been rented till now and is vacant as mentioned earlier. Please suggest what do I do?

Respected Sir

Ay 19-20 whether professional charges are 100% exempted from TDS Deduction ?

Please guide me and oblige.

What is turnover for the purpose of Sec.44AD in case of speculative transaction? Is the turnover meaning same as referred to in identifying applicability of Tax Audit u/s 44AB i.e aggregate of positive and negative differences?